Morgan Stanley Boosts Spotify Technology (NYSE:SPOT) Price Target to $430.00

Spotify Technology (NYSE:SPOT) had its price target increased by investment analysts at Morgan Stanley from $400.00 to $430.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 10.93% from the stock’s previous close.

Several other analysts also recently issued reports on the company. Redburn Atlantic reiterated a “sell” rating and set a $230.00 price target on shares of Spotify Technology in a research note on Wednesday, July 10th. UBS Group lifted their target price on shares of Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target on the stock in a research report on Wednesday, July 24th. Finally, KeyCorp increased their price target on shares of Spotify Technology from $440.00 to $490.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $363.24.

Spotify Technology Price Performance

SPOT opened at $387.63 on Wednesday. The stock has a fifty day moving average price of $354.46 and a 200 day moving average price of $324.45. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology has a 1 year low of $145.79 and a 1 year high of $389.48. The stock has a market cap of $77.16 billion, a price-to-earnings ratio of 158.22 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. The firm had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The company’s revenue was up 19.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.69) earnings per share. Analysts forecast that Spotify Technology will post 6.22 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Several large investors have recently made changes to their positions in the business. Clearbridge Investments LLC raised its position in Spotify Technology by 0.6% in the 1st quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock worth $1,819,000 after purchasing an additional 38 shares during the last quarter. Cigna Investments Inc. New lifted its position in Spotify Technology by 3.3% during the 2nd quarter. Cigna Investments Inc. New now owns 1,260 shares of the company’s stock valued at $395,000 after purchasing an additional 40 shares during the period. Moody Lynn & Lieberson LLC boosted its stake in shares of Spotify Technology by 0.6% in the 2nd quarter. Moody Lynn & Lieberson LLC now owns 6,843 shares of the company’s stock valued at $2,147,000 after purchasing an additional 40 shares during the last quarter. Larson Financial Group LLC grew its position in shares of Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after buying an additional 43 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Spotify Technology by 4.6% during the second quarter. EverSource Wealth Advisors LLC now owns 981 shares of the company’s stock worth $337,000 after buying an additional 43 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

About Spotify Technology

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.